Tyler Technologies has announced the acquisition of cloud-based platform, ReadySub. Shares of the integrated software and technology services provider closed 1.2% higher on Monday.
Tyler's (TYL) CEO Lynn Moore said, “The acquisition of ReadySub strengthens Tyler’s school portfolio and brings more comprehensive solutions to the school districts that we serve.”
Moore added, “We plan to build integrations with our school administration products, providing more value to districts as we help them implement all-in-one workflows. This supports our Connected Communities vision as we work with clients to tie together these disparate processes.” (See Tyler Technologies stock analysis on TipRanks)
On April 1, Needham analyst Scott Berg said, “We reiterate our Buy rating on TYL shares but reduce our PT (price target) from $510 to $480 (9.8% upside potential) after framing our thoughts on a post NIC acquisition model."
Berg added, “We look at proforma models both including and excluding $81.2mm in FY20 revenues NIC reported from pandemic specific modules we expect to go to zero over time but are uncertain regarding its trajectory past 1H21.”
Overall, the rest of the Street has a Moderate Buy consensus rating based on 5 Buys and 2 Holds. The average analyst price target of $475 implies upside potential of about 8.7% to current levels. Shares have gained about 53.5% in one year.